Fintech Daily Briefing

Fintech Daily Information Briefing on [October 15, 2020]

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The following is the Fintech Daily Information Briefing on [October 15, 2020] recommended by recordtrend.com. And this article belongs to the classification: Fintech Daily Briefing.

[1]. Insurance technology platform cover genius received a $15 million financing

On October 14, 2020, cover genius, an insurance technology platform, announced that it had obtained a $15 million financing. The financing is mainly used to support insurance business cooperation with technology and e-commerce platforms in Southeast Asia, India, the United States and Europe. With the outbreak of the new crown epidemic, the global e-commerce market size is expected to rapidly rise from $1808.5 billion in 2019 to $2405.3 billion in 2020. There is a huge market potential for embedding insurance products at the point of sale and contract signing. Founded in 2014, cover genius has successively reached cooperation with booking holdings, eBay, AXS, shipstation and other online platforms. Cover genius once topped the list of Asia Pacific high growth companies compiled by statista for the financial times.

[2]. FSB: pay attention to the impact of bigtech on financial stability of emerging markets and developing economies

On October 12, 2020, the Financial Stability Board (FSB) issued a special report on the impact of financial services provided by large technology companies in emerging markets and developing economies (Emde) on market development and financial stability. The report points out that compared with developed economies, large technology enterprises providing financial technology services in emerging markets and developing economies have expanded more rapidly and extensively. The low degree of financial inclusion in these countries and regions has created demand for the services of large-scale science and technology enterprises, especially in the rural areas where low-income groups and traditional financial institutions lack services. With the gradual popularization of mobile mutual benefit network, the channels of financial services and the data sources of financial service decision-making have been further expanded. However, while improving the convenience, this new financial service mode also brings certain impact to the existing market environment, reducing the profitability and adaptability of existing financial institutions, and improving the market risk. Practical experience has proved that strong supervision can play a positive role in supporting financial service innovation and reducing risk. The report points out that the regulatory principle of “the same risks, the same regulations” is also applicable to the operation activities of such large-scale technology enterprises. Financial institutions can also make public policy and framework recommendations in data governance, consumer protection and operational risk management. It is reported that the report was submitted to the G20 finance ministers and central bank governors’ virtual meeting yesterday.

[3]. Russia’s central bank: the upper limit of one-year encrypted investment for non professional investors is 600000 rubles

Russia’s central bank is proposing restrictions on annual cryptocurrency investment by non professional investors, according to cointelleger. The central bank suggests that unprofessional investors should not invest more than 600000 russian rubles (about $7800) a year in digital assets. The new regulatory restrictions will involve not only digital financial assets, but also “other digital rights,” according to the official statement. Specifically, there will be a ceiling of 600000 rubles per year on the purchase of digital financial assets by individuals representing non professional investors. The restrictions for non qualified investors who own digital financial assets and other digital rights to obtain digital rights are: 600000 rubles (about 7800 US dollars) for digital financial assets and 600000 rubles (about 7800 US dollars) for other digital rights.

[4]. Fujitsu, JCB and Mizuho testing digital identity interoperability

According to events News Asia, on October 15, Fujitsu, JCB, Japan’s largest credit card issuer, and Mizuho Bank jointly tested a system based on Fujitsu’s blockchain solution, namely autonomy and distributed digital identity exchange technology, which can realize secure transactions involving sensitive user ID information between companies and industries. JCB and Fujitsu have been conducting joint research projects on digital identity since 2019.

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